According to Baidu Encyclopedia, City Investment Company is the abbreviation of Urban Construction Investment Company, and it is the investment and financing platform of major cities in China. It originated from 199 1 and assumed the corresponding government functions, so it is a special market operator. Most of these city investment companies are unprofitable and belong to public institutions or wholly state-owned companies. They realize profits through government subsidies and belong to special market operators with government nature. Chengfa Investment Group is a large state-owned enterprise directly under Qingdao West Coast New District, formerly known as Qingdao Economic and Technological Development Zone Urban Development Investment Co., Ltd., which was established in July 20001year. It has gone through three historical stages of "investment and financing platform", "substantive operation" and "group development", and was renamed Chengfa Investment Group Co., Ltd. in September 20 12. The registered capital of the Group is about 3.073 billion yuan and the total assets are nearly 60 billion yuan. It has more than 40 wholly-owned, holding and shareholding subsidiaries with nearly 500 employees and a credit rating of AA+.